I Saved The Economy From Total Colllapse- CBN Governor

By Ikenga Chronicles November 19, 2016

Central Bank of Nigeria (CBN) governor, Godwin Emefiele, in the midst of the economic hardship hitting the country has acted like the proverbial lizard that fell from the roof and decided to congratulate itself first.  The CBN head has boasted about how he saved the nation’s economy from collapsing. 

Mr Emefiele pointed out two policies he implemented which did not only save the economy from total collapse but also reduced the impact of the current economic recession on Nigeria. 

According to him, the first way he achieved that, was to ensure bank recapitalization;

“For instance, prior to recapitalization, the total number of commercial banks could not match asset base of a single South African bank. But this is not the case anymore as our banks are now robust.” he said.

Secondly, the adoption of the Treasury Single Account (TSA) was targeted at blocking loopholes in the banking sector;

“The same goes for TSA which removed sharp practices in some banks as instances arose where you had banks using government money lodged with them to buy government bonds.”

“In other words, government was buying bonds back with their own cash through these banks which basically raped the system,” Emefiele added.

Mr Emefiele said this while speaking at the All Civil Society National Economic Summit in Abuja. 

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